Tag Archives: wealth

At some point, many individuals will become serious about saving money and putting aside funds for retirement. This often, in turn, prompts the opening of various retirement savings accounts. At this point, Roth IRAs and 401Ks are some of the most popular options. However, these two accounts are not the same, by any means, and should not be treated as such.

Some people are better suited for 401Ks while others do exceptionally well with putting money into a Roth IRA. Nevertheless, a critical and thorough understanding of the differences and features of the aforementioned accounts is absolutely paramount.

An Overview

One of the greatest distinctions between Roth IRAs and 401Ks is the functionalities of the two accounts. Investopedia explains that while Roth IRAs are started between an investment firm and the people which come to them, 401Ks are plans where workers permit their employers to put a percentage of their pay into the account. Each individual has their own ideas of which retirement savings account is best for them. Both Roth IRAs and 401Ks each come with their own upsides, guidelines, and stipulations.

The Benefits

Both Roth IRAs and 401Ks come with their own benefits which are designed to appeal to prospective customers. The Simple Dollar lists the following benefits which are associated with Roth IRA accounts:

401K retirement savings accounts also come with their own unique upsides, which read as follows:

Potential annual tax savings

Opportunities for monetary employer match

Options to set up automatic deposits

Gradual increase on allowed contributions

Which One is Best For You?

Ultimately, each individual will have to decide which retirement savings account is best for them. Believe it or not, choosing whether or not to set up a Roth IRA or 401K does not have to be an “either/or” decision. There are some people who have both accounts and others who employ alternative means to save money and invest in their retirement.

However, for individuals who are interested in setting up one (or both) of the aforementioned accounts, Fidelity has some helpful hints and advice:

401Ks may prove to be slightly more beneficial for long-term savings.

Roth IRA accounts are usually better for individuals who see tax increases in their future.

People who wish to diversify funds put aside for retirement may find that setting up a 401K and Roth IRA accounts is advantageous.

When the average individual hears the words “venture capitalist,” they usually imagine a wealthy person who rakes in millions of dollars from lucrative investments. While the attainment of wealth is certainly an aspect of a venture capitalist’s achievements, there are many other factors involved in the process.

Many people who aspire to become venture capitalists do so with the intention of garnering high funds in a relatively short time period. However, this is not how the game is played. Venture capitalism is, by no means, a get-rich-quick scheme. Like any other financial endeavor, this occupation requires time, skill, knowledge, and sound judgment.

Hence, those who are still interested in becoming venture capitalists will surely benefit from following the forthcoming steps.

Sharpen Your Business Skills

Many people are under the illusion that the sole job of venture capitalists is making wise and lucrative investments. However, Sales Force explains that requirements for successful venture capitalists extend way beyond making investments and letting the funds roll in.

Any individual who is serious about this line of work must also be proficient in areas such as networking, investigating, analyzing business markets, and working with entrepreneurs. In this business, having the right contacts and professional skills makes all the difference in the world.

Gain Professional Experience

The majority of prosperous venture capitalists usually work their way up to this profession. Thankfully, there are a variety of career paths and occupations which aspiring venture capitalists can partake in. Starting a (small) business, working as an assistant/banker, or even becoming an angel investor (assuming that the necessary funds are available), etc can be especially beneficial career paths for people who are serious about becoming venture capitalists.

However, acquiring the knowledge and skill sets for this line of work does not occur overnight; as a matter of fact, years, or even decades, could pass before an individual is truly ready to enter the world of venture capitalism. There is nothing wrong with this, seeing as each person is on their own unique journey.

Finally, all venture capitalists should maintain upstanding reputations, real-life experience, and passion for the products which they choose to invest in.

Seek Mentors

While business skills and professional experience are formidable assets in the world of venture capitalism, the opportunity to connect with a mentor in this particular line of work is unbeatable, as stated by Chron. Not only have mentors been where aspiring venture capitalists are going, but they also have savvy investing skills and information which will prove to be invaluable.

Virtually everyone enjoys traveling and would love to take advantage of opportunities to do so. However, one of the biggest barriers to fulfilling this desire is money, or lack thereof. Many individuals do not have the funds to travel ongoingly and simultaneously cover the subsequent fees such as airfare, lodging accommodations, etc, while still paying for their monthly bills at home, such as rent, utilities, etc.

What if that weren’t an issue though? What if people who enjoy traveling and seeing the world could regularly make the most of this experience and moreover get paid to do so? While this may sound too good to be true to certain individuals, it’s important to be aware that the opportunity is out there. Ultimately, it’s all a matter of knowing how to go about making it all happen.

Consider Joining the Peace Corps

Not only is Peace Corps an amazing opportunity to volunteer and connect with other human beings, but it’s also a potentially ideal experience for anyone who enjoys traveling. Generally, individuals who join this organization work with various people around the globe; the work may center around (or relate to) agriculture, health, business, community development, education, etc, as explained by High Existence.

In return for the services of the volunteers, they are gifted with stipends, healthcare benefits, lodging, student loan aid, and other valuable benefits. Peace Corps not only permits people to travel, but allows them to travel with purpose, thus being a part of something bigger than themselves.

Start a Travel-Based Blog

Starting an online blog which revolves around traveling is another excellent way in which people can (and have) be(en) paid to travel. According to Adventure In You, if a blogger has a sizeable audience, brands will pay a pretty penny to be promoted, advertised, and otherwise featured in the blogger’s content. Now while getting paid thousands of dollars per month to blog, travel, and promote brands sounds amazing, there is usually some extensive groundwork in the initial phases of this professional venture.

Promoting the blog, garnering a consistent, sizeable readership, and producing SEO-friendly content are all paramount steps for starting any successful and profitable blog.

A Final Word

While being paid to travel is a possible and viable option, it is important to know that virtually every route which enables this opportunity is going to require invested time and energy at one point or another. There are no get-rich-quick schemes and nothing in life is free; the bill always comes due in one form or the other.

Moreover, having a job which permits frequent travel is also very helpful for those who are interested. Joining the Peace Corps or starting an online travel blog may not be for everyone. Nevertheless, in this day and age, there is still an abundance of opportunities for those who know when and where to go looking.

As the world of work changes, more and more people are becoming independent contractors within the freelance market and gig economy. This type of business is especially suitable and agreeable for travelers; many freelancers and gig economy workers cite autonomy as one of the main perks of non-traditional work. Furthermore, a vast amount of gigs and freelance jobs can be done remotely on a laptop, from virtually anywhere in the world with Wi-Fi.